A South Korean state-owned developer is in talks with an unidentified domestic conglomerate over a 3,600-room integrated resort on a large reclaimed coastal zone on the country’s western coast, while also courting foreign investment for a project that could include a casino restricted to non-Korean citizens.
Na Kyung-gyun, president of the state-owned Saemangeum Development Corporation, which oversees the zone, disclosed the talks during a press briefing on Tuesday, according to South Korean business newspaper Chosun Biz. The area, known as Saemangeum, sits in Jeonbuk Province in southwestern South Korea and is being developed for tourism, residential, industrial and renewable-energy projects.
Na said the company was in contact with a major South Korean corporation considering the large-scale resort, but did not disclose its identity, proposed investment or development timeline.
He also said foreign companies had expressed interest in investing in a foreigners-only casino and integrated resort at the site.
The proposed development would combine accommodation, retail and MICE (meetings, incentives, conferences and exhibitions) facilities, forming part of efforts to establish a tourism anchor for the reclaimed zone.
Na said the area needed a major attraction capable of generating tourism demand and drawing private investment.
However, he played down recent discussion of an “open casino” that would admit South Korean citizens, saying such a move would require public consensus, legislative changes and a lengthy approval process. The developer’s immediate objective was to establish the integrated resort rather than secure approval for a casino accessible to local players, he added.
Under Article 63 of South Korea’s Special Act on the Promotion and Support of the Saemangeum Project, the Minister of Culture, Sports and Tourism may grant permission for a foreigners-only casino within the zone. Applicants must commit at least $500 million in foreign investment to a tourism project, use land designated for tourism and leisure purposes, and meet requirements covering investor credibility and the source of funds. Meeting those conditions does not automatically secure a license, with final approval remaining under the culture ministry’s authority.
Kangwon Land in Gangwon Province remains South Korea’s only casino permitted to accept local players. The country’s other casinos are restricted to foreign passport holders.
The latest comments indicate the project remains at an early planning and investor-engagement stage, with no operator, investment agreement, casino license or construction schedule confirmed.
